Investor Presentaiton

Turnaround Key Indicators and Timeline Ghana's reform agenda and disciplined policy stance bears fruit, repositioning the economy on stronger trajectory 2012 Actual 2013 Actual 2014 Actual 2015 Actual* 2016 Target Real GDP Growth (%) 9.3 7.3 4.0 3.9 5.4 Headline Inflation (period end %) 8.1 13.5 17.0 17.7 10.1 Fiscal Deficit (% GDP) (11.5) (10.1) (10.3) (6.7) (5.3) Primary Balance (% GDP) (8.2) (5.4) (3.9) (0.2) 1.3 Wage (% of Tax Revenue) 53.3 57.6 49.1 43.8 40.6 Wage Arrears Clearance (% of GDP) 2.5 1.1 0.5 0.6 0 Gross Public Debt (% GDP) 47.8 55.9 70.2 71.6 Interest Rate (91 Day T-Bill period end, %) 23.1 19.2 25.8 23.1 Current Account Balance (% GDP) (11.8) (11.7) (9.5) (7.8) (7.4) Gross Foreign Assets (US$ billion) 5.4 5.6 5.5 5.9 Gross Foreign Assets (Months of Import Cover) 2.9 3.1 3.5 3.0 Source: Ghana 2008 2009 2010 ■ Ghana embarks on an ambitious program to adjust its public sector wage structure labelled Single Spine Salary Structure (SSSS) review ■SSSS implementation undertaken from a position of strength with record high commodity prices, very high GDP growth rates and subsidies under control ■ GDP rebasing and transition to Lower- Middle Income Country (LMIC) status ■ IMF Programme ends 2011 2012 Wage and SSSS related arrears combined with rising subsidy expenditure, higher interest payments, a shortfall in taxes. and grants puts pressure on the budget; resulting in large deficit overshoots ■ Economic management was further compounded by the onset of external pressures ■ Crude oil export commences with exports falling short of expectations in 2012 2013 O Disruption in gas supply affects power generation and fall in gold and cocoa prices further accentuates the twin deficits ■FX depreciation fuels inflation ■ Ghana implements and consults AfDB on its "home-grown" fiscal consolidation programme ■ US$ 1bn bullet Eurobond with partial liability management of Ghana 2017 Eurobond maturity to reduce size to US$531mn 2014 Migrated over 99% of public sector workers onto the new SSSS pay structure, and paid all of the arrears owed to workers ■Commences IMF negotiations $1bn back-end amortized bond to mitigate roll-over risk 2015 ■ Ghana signs 3-Year US$ 918mn ECF Programme with IMF with two (2) positive reviews so far ■ Twin deficits brought under control ■ Oil price crash $1bn back-end amortized bond with $400mn World Bank guarantee 5

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